Elon Musk, on Tuesday, predicted a potential drop in prices of cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) if dollar inflation is addressed.
What Happened: The Tesla and Space X CEO expressed his views on how cryptocurrencies would benefit if inflation and government overspending were curbed
"If dollar inflation is solved, the price in dollars to buy cryptocurrency will actually drop, other things being equal," Musk wrote in an X post. "What matters is the ratio of dollars to cryptocurrency."
If dollar inflation is solved, the price in dollars to buy cryptocurrency will actually drop, other things being equal. What matters is the ratio of dollars to crypto.
— Elon Musk (@elonmusk) January 7, 2025
The remark was in response to a post by Garry Tan, CEO of Y Combinator, who predicted Dogecoin's price would go up if Musk's upcoming Department of Government Efficiency, or DOGE, achieves its goal of reducing government spending.
See Also: Ethereum Co-Founder Vitalik Buterin Offloads Nearly A Million In Memecoins To Benefit Charities — Dogecoin's Sister Coin NEIRO Plunges 3% After Sale
Why It Matters: Musk's comments come in the wake of reports that the tech titan was planning to introduce a new Bitcoin and cryptocurrency feature called "X Money" on X.
According to a leak reported by influencer Alex Finn and MacRumors contributing researcher Aaron Perris, "X Money" might launch without needing approval from all 50 states.
Musk has been a passionate supporter of DOGE meme coin, and the acronym for his upcoming government department is based on the dog-themed cryptocurrency.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,967.23, down 4.81% in the past 24 hours, according to data from Benzinga Pro. DOGE was priced at $0.3515, crashing 9.41%.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
If dollar inflation is solved, the price in dollars to buy cryptocurrency will actually drop, other things being equal. もしドルのインフレが解決されるなら、暗号通貨を買うためのドルでの価格は実際に下がることになる。
